General Insurance Company's IPO shares likely to be allotted on Tuesday; Lucky 2.73 lakh applicants will get 10 shares each

General Insurance Company Nepal Limited's IPO shares will most probably be allotted on Tuesday, i.e. Ashwin 20.

The issue manager NIBL Ace Capital will possibly conclude the pre allotment today and allot the shares on Tuesday. They informed us that they have done preparations to conclude the final allotment on Ashwin 20. If not feasible, the allotment schedule might change. 

The issue had received 8,13,725 applicants for a total of 2,24,77,030 units as of 5 pm today. This is the highest number of applicants an IPO issue has ever witnessed.

Out of the offered 30,00,000 units; 4% was set aside for the employees of the company and 5% for the mutual funds. The remaining 27,30,000 units were for the general public. Thus, only 2.73 lakhs applicants will be allotted 10 shares via the lottery.

After the issuance of 30,00,000 units of IPO shares, the company's paid-up capital will be Rs. 1 Arba, and the promoter/public ratio will be 70:30. The company’s profit has increased from Rs. 3.62 crores to Rs. 5.06 crores in the fourth quarter of the last fiscal year 2076/77.